What will price Bitcoin reach in the next 2-3 years?

0 159 Total views

What will price Bitcoin reach in the next 2-3 years?

In the next two years, Bitcoin will probably become completely irrelevant and go further down further than it is today. We are expert on cryptocurrencies and also aware of the fact that theBitcoin hype train does not have any substance and is replicable by better alternatives which we are sure is in the making as I write this answer.

In the future, we believe that Bitcoin will become a relic. We claim that there is a limited supply of bitcoins (21 million) and hence, the price will go up as adoption picks up.

Flaws:

Although there are limited bitcoins, they are infinitely divisible. It means that the more valuable it becomes, it will be broken down into smaller quantities thereby increasing supply.

There is an unlimited supply of other cryptocurrencies in the world. The more valuable Bitcoin becomes, competition will intensify that much more, and it will happen with newer technology, so hence, Bitcoin will be at a disadvantage.

The so-called Bitcoin whales are sitting on a massive pile of bitcoins which I'm sure they are waiting to sell ASAP as the price recovers. Investors care about profits, not about a revolution to replace the fiat monetary system. The ownership concentration in Bitcoin in itself contains the seeds of its destruction. Their selling is most likely going to cause lower highs, and retail buyers will not have to support the prices/ cause higher lows. Here are my most significant issues with space:

Transactions are completely irreversible, turning back the clock on all the consumer protections we have these days like chargebacks.

The price is driven by a combination of manipulators and retail speculators, not people who use it for anything.

Reasonable inflation is a good thing. Bitcoin is massively deflationary taking into account the fact production is designed to come to a standstill and coins are lost all the time. Further, without a central governing body it can’t react to events in the real world by adjusting supply.

There are serious fundamental issues with the technology (it is limited to 7 transactions per second, period). It is vastly less efficient than traditional payment systems (100,000x more energy expended in a Bitcoin payment than a Visa payment).

Unregulated exchanges get hacked all the time, and when they aren’t, they are rife with tape painting and spoof trading and wash trading.

Then there’s the Tether problem - almost three billion dollars in circulation, no audits, no proof it even exists beyond their word - specifically designed to circumvent money laundering controls.

The Bitcoin folks are learning all the lessons of payments over the last few millennia but in fast-forward - everything from why inflation exists to why people may want to reverse transactions to why markets should be regulated.

A lot of westerners have burned their hands buying into the hype. It's a lesson learned. They will not repeat the same mistake for a long time to come. Money has evolved from seashells to precious metals to promissory notes backed by gold to promissory notes backed by faith in governments and their ability to control their economies.

We believe that the future of currency is entirely digital. If that is true, then there is an excellent chance that the value of Bitcoin will soar. Some predictions are based on Bitcoin becoming the dominant payment system internationally. The total amount of wealth of the world estimated at $100-$300 trillion giving a Bitcoin value of $10,000,000! Another possibility is that Bitcoin begins to compete with gold as an accepted store of value. If it were to match the market capitalization of gold, that would put Bitcoin at $380000.